Germany’s second largest stock exchange, Boerse Stuttgart Group, and Japanese financial services conglomerate, SBI Group, announced today that the two firms are establishing a partnership to expand their digital asset businesses and to further promote the adoption of digital assets. The partnership stipulates that SBI Group will invest an undisclosed amount into Boerse Stuttgart’s new regulated digital asset trading platform, Boerse Stuttgart Digital Exchange (BSDEX), which was launched in September 2019. Additionally, SBI Group will also be investing in Boerse Stuttgart Digital Ventures, another subsidiary of Boerse Stuttgart that invests in financial startups.
According to SBI Group, the two firms are teaming up on a joint initiative to “build a blockchain-based digital asset financial ecosystem and promote demand for digital assets in Europe and Asia.” Boerse Stuttgart CEO, Alexander Hoeptner, stated that the newly formed partnership will involve the “exchange of knowledge and technology” in addition to the “cross issuance and listing of digital assets, trading and brokerage as well as the creation of the first global custody bridge.” In the announcement, Hoeptner also noted that Asia and Europe are the fastest growing digital asset markets in the world.
Overall, this partnership between two financial institutions in Europe and Asia bodes well for the global digital asset ecosystem, and continues to illustrate the heavy interest from institutional money in this sector. Such initiatives are important for enabling the ongoing adoption of digital assets by mainstream financial incumbents, as we continue to see the European and Asian crypto markets take massive strides forward.
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